The expected risk premium estimate rose for The Global Market Index (GMI), increasing to an annualized 5.3% in today’s revision. That’s a relatively sizable jump relative to last month’s forecast. The estimate represents a long-run projection for the index’s performance over the “risk-free” rate via a risk-based model (details below).

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UK approves Pfizer-BioNTech coronavirus vaccine: CNBC
Trump may veto defense bill over social media protections: AP
Biden says he won’t immediately remove Trump’s tariffs on China: CNBC
Biden’s economic team recommends quick action on stimulus: NYT
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10-year Treasury yield rises sharply, near 1%: BBG
German retail spending rose more than expected in October: RTRS
US construction spending rebounded in October: MW
US Mfg PMI signaled continued acceleration in growth: IHSM
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